Our values are part of our long-term strategy for growth. They underpin our strategy – they make good business sense and give us real competitive advantage.
We have had another successful year, outperforming the market in what remains a tough trading environment. Our share of the grocery market is the highest for a decade at 16.8% and we are now the UK’s second-largest grocer following 35 consecutive quarters of like-for-like sales growth. We continue to help customers Live Well For Less and reported like-for-like sales (including VAT, excluding fuel) up 1.4% for the 28 weeks up to 28 September 2013.
We believe our values and our 20x20 sustainability commitments play a big part in our success. They provide opportunities for us to differentiate ourselves with customers, suppliers, colleagues and other stakeholders. They are an integral part of our strategy and are
built into our decision-making structures and processes. We make investment decisions to support the delivery of our 20x20 commitments
through our normal trading and capital allocation processes.
For example, since 2007 we have consistently invested in energy reduction and renewable energy projects in our supermarkets and convenience stores. Each year we demonstrate that the projects will achieve our internal financial hurdle rate, competing with other areas of the business for funds. Every year the energy, cost and carbon reductions achieved are measured through a project investment review and by doing this the Investment Board members have confidence in the programme and that both revenue and carbon savings will be met. Since 2005/06 our investments in Energy Reduction in our supermarket estate have delivered an absolute energy reduction of 11.1% whilst growing our space by over 30%.
The company's strategy centres around five areas of focus, which are underpinned our strong heritage and brand.
Guided by our values, we've set ourselves 20 challenging sustainability targets to reach by 2020.